Non-fungible tokens (NFTs) exploded in popularity over the course of 2021 as the general public was captivated by projects such as the Bored Ape Yacht Club and CryptoPunks, but these unique digital images only scratch the surface of what NFT technology is capable of.
One project focused on expanding the functionality of NFTs beyond the digital art space is Propy, a protocol focused on integrating blockchain technology with the real estate industry by automating the process of closing the deal. buying a home to make the whole process faster, easier and more secure. .
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.12 on January 12, PRO’s price rose 227% to a daily high of $3.67 on January 14, its volume 24-hour transactions jumped 452% to $29.3 million.
Three reasons for Propy’s price surge include the token being listed on the Coinbase exchange, the successful first sale of a real estate NFT, and the growing potential for NFTs to be used in different use cases.
The Coinbase Bump
The surge in PRO’s price on January 14 was largely due to the token listed on Coinbase, the largest cryptocurrency exchange in the United States.
INV, LQTY, NCT, and PRO are now live at https://t.co/iQARfimGvY and in the Coinbase iOS and Android apps.
Coinbase customers can login now to buy, sell, convert, send, receive, or store.https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
—Coinbase (@coinbase) January 13, 2022
Prior to the Coinbase listing, the PRO token was only available on a limited number of exchanges, including Huobi Global, Bitrue, and decentralized exchange Uniswap.
Coinbase is the second largest cryptocurrency exchange by volume in the world and the primary exchange serving US-based investors who have historically conducted the largest volume of cryptocurrency transactions.
The first real estate NFT in the United States
A second development that is helping to boost PRO’s price and trading volume is the upcoming sale of the first real estate NFT in the United States.
According to Propy Founder and CEO Natalia Karayaneva, the reason Propy chose Florida for its first US real estate sales includes a crypto-friendly state government, positive future price growth, and demographics. , a growing labor market and 0% state individual income. tax policy.
While the upcoming sale in Tampa marks the first NFT real estate sale in the United States, Propy closed the first-ever NFT sale in 2017 when TechCrunch founder Michael Arrington sold his Kiev apartment for 36 Ether.
Related: Sales of NFT and blockchain games continue to grow despite recent market drop: report
Growing Popularity of NFTs and Blockchain Technology
Another reason for the rise of Propy is the overall growth in awareness of NFTs and blockchain technology.
The promise of embedding NFTs into things like deeds and corporate contracts has been a topic of discussion for years, and the explosion in interest and volume of NFT transactions last year has increased. the level of public awareness to the point where the concept can gain more traction.
Adding to the utility of NFT technology, the increasingly dire state of the global financial system is driving investors to seek safe places to store their wealth, for which real estate has long been a preferred refuge.
Best coverage against all the chaos in the world:
2. real estate
— Natalia Karayaneva (@NataliePropy) December 29, 2021
Now, the process of buying and owning real estate is about to enter the 21st century with the integration of blockchain technology and NFTs, as the influence of intermediaries will be reduced, which will help reduce the cost of the whole process.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.